Over­haul­ing tech also calls for over­haul­ing ap­proach

CREDIT UNION: NUT­MEG STATE FI­NAN­CIAL CREDIT UNION CAT­E­GORY: DIG­I­TAL STRAT­EGY NOM­I­NATED BY: ALOGENT

Credit Union Journal - - Special Report - BY W.B. KING

AS PART OF A THREE-YEAR STRATE­GIC plan to mod­ern­ize de­liv­ery and ser­vice lev­els, Nut­meg State Fi­nan­cial Credit Union added a new core sys­tem and dig­i­tal bank­ing plat­form, which has in­creased mo­bile adop­tion rates sig­nif­i­cantly and dou­bled its re­mote de­posit cap­ture (RDC) chan­nel in­take.

“The great­est need was...to evolve and lev­er­age the de­liv­ery of tech­nol­ogy fo­cused prod­ucts and ser­vices,” said Nut­meg State CEO John Holt. The multi-tiered ini­tia­tive in­cludes a fully in­te­grated teller cap­ture plat­form with fraud pre­ven­tion, mo­bile de­posit and mer­chant cap­ture so­lu­tions.

“This change in strat­egy also called for a change in think­ing, man­ag­ing and gov­ern­ing,” said Holt. “This is part of the credit union’s over­all strat­egy of lever­ag­ing new tech­nol­ogy to cre­ate new and bet­ter fi­nan­cial ser­vices for our mem­bers.”

To en­sure a smooth tran­si­tion, the Rocky Hill, Conn.-based CU part­nered with the San Diego, Calif.–based Alogent. Nut­meg State used a suite of ser­vices, in­clud­ing its In­te­grated ImagePoint Teller, ImagePoint Hub, Imagepoint Fraud Mo­d­ule, ImagePoint ATM, QwikDe­posit Togo mo­bile cap­ture with Mitek MiS­nap and QwikDe­posit Pro mer­chant cap­ture.

“As a part­ner, we share in their vi­sion of us­ing to­day’s modern tech­nol­ogy in the de­liv­ery of their mem­ber ex­pe­ri­ence, even if it means do­ing things dif­fer­ently and try­ing new ideas,” said Alogent Re­gional Ac­count Man­ager Sean Flynn. “They think out­side the box and they’ve chal­lenged us to do the same.”

The proof is in the sta­tis­tics, Holt said. Adop­tion and us­age in both mo­bile and on­line bank­ing “soared” with an in­crease of 5,000 users at the end of 2016 — a 90 per­cent monthly us­age rate. “By De­cem­ber 2016, we pro­cessed over 3,300 items, which is twice any pre­vi­ous month, and $1.5 mil­lion through RDC chan­nels, which is also twice any pre­vi­ous month,” said Holt, adding there’s been 50 per­cent de­crease in check de­posits com­ing in through the branches since July.

Nut­meg State Fi­nan­cial Credit Union opened this up­dated branch in early 2017, which com­bines the fa­mil­iar and tra­di­tional teller area with a self-ser­vice tablet sta­tion.

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